The median price of previously owned single-family homes sold on Oahu fell in May for the fourth time in 5 months, the Honolulu Board of Realtors reported today.

The median price fell to $595,000 in May, down from $600,000 in the same month a year earlier.

The number of homes sold also declined, falling to 243 in May, down 15 percent from a year earlier.

The story was similar in the condominium market, with the median price in May falling to $290,000 from $305,000 the previous year. The number of condo sales fell to 330, a 10 percent drop from 368 in May 2010.

One positive sign in the Board of  Realtors’ report was an increase in pending sales of single-family homes to 292 in May from 239 a year earlier.

Also, the inventory of unsold homes fell to 1,479 in May from 1,658 a year earlier. At the current rate of sales it would take 6 months to liquidate the inventory of unsold homes, down from 6.5 months a year earlier, according to the report.